Belize is offering bondholders 20 cents on the dollar in a debt restructuring, worse than what Argentina gave creditors following its 2001 default, according to Bank of Nova Scotia and Citigroup Inc.

What is ironic is that in the face of the debt restructuring, the currency had been strengthening. Then the recent news of the low bond offer has caused some wild fluctuations and the 4.2% drop over the past week. We unfortunately don't have a Belizean equity index we're tracking. It would be interesting to also observe how stocks are performing during this tumultuous period.